Construction Update: Mein Schiff 3 and Mein Schiff 4

TUI Cruises President and CEO Richard Vogel is in Finland this week reviewing the status of the construction of the company’s two ship orders, Mein Schiff 3 and Mein Schiff 4, and provided an update.

Mr. Vogel noted that construction on Mein Schiff 3 at STX Finland is now 25% complete, and the main engines have completed their acceptance testing. Formal keel-laying has been set for Friday May 24, 2013 with delivery almost exactly one year later.

In light of recent public speculation relating to the shipyard, the company also confirmed that it expects all details to be clarified and confirmed within a few days. The company noted that all relevant parties, including the shipyard, its owner, the buyer, the Finnish government and Finnish government agencies, previously reached an agreement to cover the financing of the work and ensure that the shipyard had the liquidity it needed to complete the ship on time. Unfortunately the materialization of the agreement has taken longer than expected. However, now the owner has taken the necessary steps to move forward and TUI Cruises expects to proceed with the original agreements this week.